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E-Duction is at the forefront of the evolving payment industry – paying for goods and services via payroll deduction. The current advent of consumerism is creating demand for more complex payroll deduction products, including variable and dynamic products in which the deduction/payment amount may change each month. E-Duction’s transaction processing capabilities make possible a wide range of profitable, consumer-friendly payroll deduction-based services which meet the key demands of today’s large and small employers alike.
Whether for employee benefits such as health or life insurance, for retirement savings through 401(k) plans, or for college savings through Section 529 plans - consumers have become comfortable with paying for goods and services through payroll deduction. Payment via payroll deduction offers advantages for all involved. And because E-Duction’s technology platform automates the collection, aggregation, and remittance of variable payroll deduction amounts, almost any product or service can be paid for via payroll deduction.
The Evolving Consumer Payment Model
E-Duction’s proprietary technology platform eliminates the traditional barriers to payroll deduction – historically, the payroll deduction process was manual, time-consuming, and error-prone. By seamlessly interfacing with payroll and human resources information systems, the E-Duction process dynamically and automatically converts an unlimited number of transactions from any source into a user-defined number of payroll deductions, schedules the deductions, and makes and reconciles the payments. This allows employees to utilize the power of payroll deduction without undue burden on employers.
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